OMDC stock jumps 20% on environment clearance, Kolkata News, India

Kolkata: The stock of Orissa Mineral Development Company (OMDC) climbed steeply to Rs 36,377 a share after the company announced that it has has obtained environment clearance for its Kolha-Roida iron ore and manganese mines

The company has planned to resume production of three million tonnes a year (MTPA) of iron ore and 0.24 MTPA of manganese ore at the Kolha-Roida mines complex, spread over 254.952 hectares in Keonjhar district of Odhisha.

Public sector engineering company Hindustan Steelworks Construction Ltd has already been assigned the contract for mining a portion of the complex.

The listed miner has engaged Mecon for suggestions on the resumption of operations, including mechanisation of mining activity, and manning. Its three mining licenses in Odisha need to be renewed. All three mines are currently non-operational.

OMDC is preparing a new comprehensive blueprint for restarting commercially viable mining activity, including a plan for evacuation of ores, building a new mining operation team and deployment of equipment.

It also wants to ready a plan for 373 contract labour, mostly unskilled or semi-skilled. The company decided to take up in-house operations in some of its mine lease areas.